You are very correct--things do change and the level of economic and social problems facing our culture have never been greater. (Although the Savings and Loan closures of the 198o's dwarf anything Corzine might have done!)
But yes, we are in a downward spiral of economic disaster that we have not faced before. You are very correct again. That is why I am up to my hip boots in both physical and USSIF. I am torn, though, by the apparent fact that the USD remains strong. I used this analogy before but I will repeat it--for years, the USD was like onto the nicest house on a street of slums. Now, it is the ONLY house on a street of destroyed homes. But I just don't see the USD maintaining as long as we spend $4 billion everyday more than we take in.
One other thing has changed as well--many of our social mores. It used to be a badge of dishonor to be on welfare--to use foodstamps--to be long term unemployed--to not pay your mortgage. Now we have plastic cards to use in place of foodstamps and people make full use of the 99 week unemployment period and brag about it. Underwater on your mortgage?? Walk away even if you could make the payments.
Those attitudes have changed and not for the better.